Asia Bio-Chem Announces Corrections to Fiscal 2013 MD&A

TSX: ABC

TORONTO, April 9, 2014 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC)
("Asia Bio-Chem" as the "Company") announces corrections to its
Management Discussion and Analysis for the 12 month period ending
December 31, 2013 (MD&A) filed on SEDAR on March 31, 2014. These
corrections are typographical in nature and do not involve changes to
the audited financial statements.

The corrections to the MD&A and press release dated March 31, 2014 are
as follows:

On page 4 of MD&A, the second line of the fourth bullet point under
highlights was changed from "fourth quarter to negative $35.8 million
compared with negative $8.1 million" to "fourth quarter to negative
$34.3 million compared with negative $8.1 million".

On page 4 of MD&A, the second line of the third bullet point under
highlights was changed from "obtained additional $97.5 million in loans
in the quarter" to "obtained additional $4.7 million in net new loans
in the quarter".

On page 6 of MD&A, Q4 2013 Net Income was changed from (35, 809) to
(40,957).

On page 6 of the MD&A, Q4 EBITDA was changed from (35,806) to (34,317)

On page 7 of MD&A, 2013 annual EBITDA was changed from (49,201) to
(43,384) and the change in EBITDA was changed from -106.2% to -81.9%.

On page 7 of MD&A, 2013 annual EBITDA before stock based compensation
was changed from (49,190) to (43,373) and the change in EBITDA before
stock based compensation was changed from -109.3% to -84.6%.

On page 14 of MD&A, Q4 2013 amortization was changed from 2,134 to
3,627.

On page 14 of MD&A, Q4 2013 EBITDA was change from (35,806) to (34,317)
and the percentage change in EBITDA was changed from -341.0% to
-322.7%.

On page 14 of MD&A, Q4 2013 EBITDA before stock based compensation was
changed from (35,806) to (32,313) and the change in EBITDA before stock
based compensation was changed from -342.5% to -299.4%.

On page 14 of MD&A, 2013 annual EBITDA was changed from (49,201) to
(43,384) and the change in EBITDA was changed from -106.2% to -81.9%.

On page 14 of MD&A, 2013 annual EBITDA before stock based compensation
was changed from (49,190) to (43,373) and the change in EBITDA before
stock based compensation was changed from -109.3% to -84.6%.

On page 15 of MD&A, decrease in cash and restricted cash was changed
from $3.4 million to $1.8 million.

On page 16 of MD&A, the total contract price in Changtu is changed from
$20.6 million to $22.6 million.

The amended Summary Financial Statements from the press release dated
March 31, 2014 is provided below (to view the markup version please
refer to the version of the Press Release filed today on SEDAR);

SUMMARY FINANCIAL STATEMENTS

in thousands of Canadian dollars except per share and percentage data

Three Months Ended

Twelve Months Ended December 31

31/12/13

31/12/12

% Change

2013

2012

% Change

Sales

18,027

20,565

-12.3%

109,261

130,440

16.2%

Gross profit

(2,419)

(2,680)

9.7%

(5,812)

(8,203)

29.1%

Gross margin (% of Sales)

-13.4%

-13.0%

-5.3%

-6.3%

Operating expenses

5,519

7,908

-30.2%

23,014

24,247

-5.1%

Income (loss) from operations

(7,938)

(10,588)

25.0%

(28,826)

(32,450)

11.2%

Other income (expense)

(33,378)

(1,331)

-2407.7%

(42,876)

(6,306)

-579.9%

Income (recovery) taxes

(358)

2,446

n/a

809

523

54.7%

Net income

(40,957)

(14,385)

184.7%

(72,512)

(39,279)

-84.6%

EBITDA

(34,317)

(8,119)

-322.7%

(43,384)

(23,854)

-81.9%

EBITDA before stock-based compensation

(34,313)

(8,091)

-299.4%

(43,373)

(23,497)

-84.6%

Earnings per share

Basic

(0.48)

(0.17)

(0.85)

(0.46)

Diluted

(0.48)

(0.17)

(0.85)

(0.46)

Weighted average number of shares

The revised MD&A together with the Form 52-109F1 certifications have
been filed on SEDAR together with a cover letter explaining the
corrections.

About Asia Bio-Chem Group Corp.

Asia Bio-Chem Group, through its wholly-owned subsidiaries in the
People's Republic of China ("PRC"), is in the business of processing
corn into cornstarch, germ and gluten for sale to the domestic Chinese
market. From its plants in Liaoning and Heilongjiang Province, the
Company has a total processing capacity of 1.5 million tones of corn
per year.

This news release contains certain statements that may be deemed
"forward looking statements". Forward looking statements are statements
that are not historical facts and are generally, but not always,
identified by the words "expects,", "plans", "anticipates", "believes",
"intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Although the Company believes the
expectations expressed in such forward looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in
forward looking statements. Forward looking statements are based on the
beliefs, estimates and opinions of the Company's management on the date
the statements are made. The Company undertakes no obligation to update
these forward looking statements, except as required by law, in the
event that management's beliefs, estimates or opinions, or other
factors, should change.